IBS Journal June 2018


can also drive the overall cost structures down.

The concept of digital identification, document management and an automated AML is not only about the customer experience – it is also about enhanced compliance. The list of regulations that the industry is now dealing with is entirely unprecedented. MiFID II, CRS, AML, UCITS, AIFMD, FATCA, Dodd-Frank, EMIR, BASEL III… the list goes on. At the core of regulatory compliance is the quality of data and the timeliness of its capture. An automated approach to on-boarding customers also accelerates the absorption of pre-authenticated information using established ID, without having to recapture or re-enter.

The common benefits of digital on- boarding are, mostly, the following: • Dealing with demands of the new-age customer • Keeping the costs down, with minimal paperwork

• Building a superior experience with reduced TAT • Driving enhanced compliance with better quality data

How: it’s much more than just technology

Ultimately, it’s the experience of the customer that matters. However, the experience is not just about the technology platform, and digital on-boarding is also not just about the experience. There are seven elements that need to be in place for any digital on-boarding framework to eventually be successful.

1. Client awareness. Have we sufficiently made the customer aware of the digital on-boarding model? There is no point in having a best-in- class platform that remains uninhabited.

2. Process hand-offs. Is there a well-aligned convergence of self- service, other channels and in-person engagement? Nothing can be more irritating than a disjointed channel experience.

A well-defined customer journey-map profiling each stage of the on-boarding process and the moment-of- truth therein is core to the quality of engagement

4. Capturing and nurturing data. Does the on-boarding process sufficiently authenticate the sanctity of data, and subsequently in its effective processing? Ultimately, data is the feeder that drives insights of the customer.

5. Trained organisation. Is the front, mid and back office organisation aligned with the digital on-boarding model? It’s not just about orienting the customer, but successful transition lies in having the advisors and the operations team well trained.

6. Technology roadmap. Do we have the right roadmap to sustain the digital on-boarding experience – be it an in-house application or a third- party platform. Is there a roadmap for sustained feature enhancement and support? This is not a one-time investment.

7. Governance. Any framework is as good as it is governance. Having the right governance model is not only to ensure that the RoI is protected but also to set the context for sustenance and continuity.

A great digital on-boarding framework will only make the customer sign into the enterprise with an expectation for an equally great product offering and engagement experience – if not more. Living up to that expectation is critical. More than 50% of attrition happens within the first 12 weeks of the customer coming on board – and the successful wealth managers are those who embrace and respond to this reality.

3. Product offering. Is the product offering deep enough to meet the need of the new-age customer? Remember, the ambience of the restaurant can never substitute for the quality of food served.

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